$40.5 Million Sold — Now Look at the Business

Two CrowdStrike directors exited near record levels. Tonight, what sits underneath the ticker they left.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

W S W Wall Street Wire After the Bell · Evening Special Edition Tuesday, September 22, 2026 by Nate Fowler Somebody paid $40.5 million for the CrowdStrike stock two directors let go of last week. They bought a business that keeps 81 cents of gross profit on every subscription dollar — and whose customers hand over the budget before they pick the product. You read this morning that Gerhard Watzinger and Roxanne Austin reduced their CrowdStrike holdings near record levels. Tonight, let’s look at what they sold out of. Three questions I’ll answer — What does CrowdStrike actually sell, and why does one piece of software turn into eight? — Where do 81 cents of gross profit on every subscription dollar come from? — And what does $2.29 billion of committed budget say about who sets the price? A filing tells me when somebody left. It never tells me what they left. That is what I want to show you tonight.  ↓     600+ Flying-Car Pre-Orders—and It’s Still Private For decades, the “flying car” belonged to science fiction. Now Doroni Aerospace is developing the H1-X—a two-seat electric aircraft designed for vertical takeoff, home charging, and personal ownership. See the H1-X in action. But Doroni isn’t only offering the chance to someday own its aircraft. Through its current private offering, individual investors can purchase shares and own a stake in the company building it—before any potential public-market debut. Doroni reports 600+ pre-orders representing more than $240 million in potential revenue, five issued U.S. patents, and an FAA Special Airworthiness Certificate supporting prototype testing. Click to become a Doroni shareholder. Personal flight could become an entirely new transportation category—and part of an extraordinary $1 trillion mobility market opportunity. Nasdaq ticker $DRNI reserved. 14,000+ investors. $3.30 per share before a potential IPO. Invest in Doroni and own a stake in the future of personal aviation.     What They Sold Out Of CrowdStrike sells cybersecurity the way a utility sells power: one connection, then everything that runs through it. The product is a single piece of software — an agent — installed on every laptop, server and cloud machine a company operates. The agent watches what each machine does and stops an attack as it happens. Each of those machines is an endpoint. How One Agent Becomes Eight The agent goes in once. After that the company sells modules that run on top of it — identity protection, cloud security, log search, exposure management. Every module goes to a customer already installed, so the next one costs little to deliver. That is where the 81 cents comes from: gross margin is the share of each subscription dollar left after the cost of running the service. More than half of subscription customers now run six or more modules, and 26% run eight or more. Who Sets the Price Falcon Flex is the part I would read hardest. A customer commits a dollar amount up front, draws it down across whatever modules it needs, and can swap one for another mid‑contract. Accounts on Flex ended the July quarter at $2.29 billion of annual recurring revenue — the yearly value of subscriptions already signed — up 101% from a year earlier. Note the order: the budget is committed before the product is chosen. A company whose customers do that is the one naming the price. Annual recurring revenue · Jul. 31, 2026 $5.84B Net new ARR, latest quarter $332.8M Subscription gross margin, non‑GAAP 81% Free cash flow margin 26% One quarter, ended July 31: revenue rose 26% to $1.47 billion, of which $377.4 million came out as free cash flow — cash left after the bills and capital spending. That is what the two directors sold into. NATE’S TAKE I have read a lot of director sales, and alone they tell you less than people want them to. Watzinger’s shares went out under a plan he adopted on June 17, three months before the price he got. What I look at instead is the thing underneath the ticker — a company whose customers hand over the budget first and choose the product second. Last week’s filings did not change that, and they were never going to. — Nate Fowler After the Bell · Evening Special Edition DISCLOSURE: This is a paid advertisement for Doroni Regulation A offering. Please read the offering circular at https://invest.doroni.io/     Read our Privacy Policy Update your email preferences or unsubscribe here © 2026 The Wall Street Wire by Everest Media Brands LLC 2918 Avenue I #1407 Brooklyn, NY 11210, United States